When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be -

Related MCQs

• If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is -
• The demand of a commodity is a direct demand but the demand of a factor of production is called a -
• The demand for which of the following commodity will not rise in spite of a fall in its price?
• 'Law of demand' implies that when there is excess demand for a commodity, then
• The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
• The difference between the price the consumer is prepared to pay for a commodity and the price which he actually pays is called
• The relationship between price of a commodity and the demand for it -
• When price of a substitute of commodity falls, the demand for -
• In 1971, United Nations Conference on Trade and Development (UNCTAD) drew up a list of 24 countries having a GDP of 100 or less literacy rate of 20% or less and a share of manufacturing of 10% or less of GDP. These countries were referred to as:
• The excess of price a person is to pay rather than forego the consumption of the commodity is called -